002 // Insurance: How to (Effectively) Protect Yourself & Your Family
Release Date: 08/01/2023
24 // Married & Retiring: Facing Common Challenges in a Transitional Season
Invest In Your Life
There are so many emotional and financial aspects to retirement. Navigating the transition to retirement can be extremely challenging. These challenges are compounded when planning for two within a marriage. This episode is about preparing for the transition to retirement when the retiree is married. Sam is joined by his brother, Nate Martinez who is a licensed family and marriage counselor. Nate is married and has three kids. Sam and Nate explore the complexities of transitioning to retirement within a marriage. Nate also shares three tips to navigate this transition. Episode...
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23 // Death and Taxes Recap (Taxes)
Invest In Your Life
According to Benjamin Franklin, death and taxes are guaranteed. Just because they're inevitable doesn't mean we can't plan for them. This week, Sam and Wealthquest Director of Tax Planning, Brandon Butcher, tackle the planning stage of estate taxes. They talk about how to maximize the benefits of tax planning, along with specific action steps. They also dive into some of the most common misconceptions around estate planning and estate tax. Brandon shares how estate taxes are computed, discusses exclusions, and explains what high-end estates need to be aware of. He also explains the basis...
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22 // Death and Taxes Event Recap (Death)
Invest In Your Life
Wealthquest's Director of Financial Planning, Megan Hammann, and Director of Tax Planning, Brandon Butcher, gave a webinar on death, taxes, and preparing for these inevitable events. In this episode, Sam and Megan give a recap of the event and focus on how to get through the transition of assets after a loss. We talk about assets, investments, property, and estate planning. Planning objectively for the legacy we want to leave is extremely important. It involves stepping back to consider how we're going to provide for our family. We talk about the importance of having beneficiaries and planning...
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21 // RMDs & QCDs
Invest In Your Life
Once you reach a certain age the government forces you to take withdrawals from your retirement account. These withdrawals affect your taxable income, medicare premiums, and even your ability to leave money to your heirs. I'm referring to required minimum distributions or RMDs. Most people are familiar with RMDs, but not as many people are aware of planning opportunities that they can use to help control the effects of making required withdrawals. Sam shares practical strategies that we can use to get the most out of our distributions. Episode Highlights: [02:48] Sam shares...
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20 // Social Security Considerations
Invest In Your Life
What options are available regarding Social Security, and how do we determine the best time to access these benefits? As we enter our 60s, we encounter irrevocable decisions about our future, including those related to Social Security. The goal for most of us is to maximize these benefits, considering both tax and estate planning. Sam, along with Wealthquest's Director of Financial Planning, Megan Hammann, delve into three practical aspects to consider when navigating your Social Security options. We talk about whether Social Security will be here in the future and possible ways to...
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019 // Generosity and Deductible Giving - Part 3
Invest In Your Life
Sam and Wealthquest President David Kern continue their insightful dialogue on giving and generosity in this episode. They delve into tax-deductible methods of giving, highlighting the benefits of donating appreciated shares to avoid capital gains taxes. The conversation also explores the types of shares that may not be ideal for donation. Furthermore, they discuss the advantages of donor-advised funds, combining charitable giving with effective tax strategies. This episode emphasizes the importance of integrating generosity with a comprehensive financial plan, ensuring flexibility and...
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018 // The Power of Strategic Giving to Individuals - Part 2
Invest In Your Life
This is the time of year when we think about giving and generosity. This episode is the second in a three-part series on the topic. Sam and David Kern, president of Wealthquest, discuss strategic giving to individuals in this episode. They will then explore ways to give offering tax benefits in the third part of the series, airing next week. We discuss the emotional and psychological benefits of being generous and the two key ingredients of generosity: action and attitude. We also talk about identifying 'circuit breakers' that prevent us from being generous. Additionally, we explore how...
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017 // US Retirement System Report Card
Invest In Your Life
Sam dives into a Wall Street Journal article that discusses the findings of a study conducted by the Mercer CFA Institute on global retirement systems. The study assigns the US a grade of C+, indicating that Social Security and 401(k) plans leave Americans less secure than retirees in other parts of the world. The study ranked 47 countries, with the US finishing in the middle at 22nd place. It considered factors such as benefits, government debt, demographics, and home ownership. Sam elaborates on how our retirement systems stack up against those of other nations and offers insights on major...
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016 // What Motivates Generosity? - Part 1
Invest In Your Life
This time of year, many people begin to reflect on the concepts of giving and generosity. In a conversation between Sam and Wealthquest President David Kern, they delve into the significance of generosity. They also explore the distinction between 'generosity' and 'giving back', emphasizing that generosity is characterized by intention and thoughtfulness. Additionally, they touch upon the idea of activating one's "generosity circuit breakers." These encompass the contrasts between being fortunate and self-made, feeling gratitude versus entitlement, and adopting an abundance versus scarcity...
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015 // Should I Buy a New Home Now, Or Wait It Out?
Invest In Your Life
Buying a home is a big decision. There's a lot of stress finding the right home, the right neighborhood, and having the right finances. You have to look at what you can afford and the future of the housing market. Will housing prices continue to climb? Will interest rates go down in the future? This episode will shine light on some of these issues. Sam is joined by Senior Wealth Advisor, Adam Day to talk about whether you should buy a home in 2023 or wait it out. We talk about historical interest rates to help shed light on current interest rates. We talk about home values and how the...
info_outlineSam interviews Michael Riney about insurance. Michael is a financial planner with Wealthquest. Prior to Wealthquest, he worked for a large insurance company. They begin with the basics of insurance from what it is to the different types available.
They also talk about the different insurance needs for people in different seasons of life. They talk about life insurance, long-term disability insurance, and long-term care insurance. Because needs in life change, planning is a continuous process. A fee only advisor can help find the best options for an individual or family’s needs.
Episode Highlights:
[01:56] Insurance differs depending on your stage of life. For young couples, it's about protecting income and protecting the family. Including life insurance.
[02:22] Long-term disability insurance is a policy that continues to pay an income if you're unable to work due to disability or an illness.
[03:19] Insurance 101. You pay a premium in order to protect something that's valuable to you. You can ensure almost anything. The three most common types of insurance are life insurance, long-term disability insurance, and long-term care.
[03:42] There's also home insurance, auto insurance, business insurance, etc.
[05:28] Most employers offer some type of life insurance and long-term disability insurance, but most people will need additional coverage.
[06:50] Insurance transfers risk and provides peace of mind.
[07:30] It's important to have a trusted advisor help you find the right type of insurance. A fee only advisor will provide advice without an added incentive of selling.
[08:39] At Wealthquest, the team walks through a financial plan and recommends appropriate insurance coverage.
[09:36] Insurance is the foundational piece of financial planning. It protects the clients from anything bad that could happen in their plan.
[09:56] On the estate planning side, a lot of the planning revolves around life insurance.
[10:32] Insurance and investments are more efficient when they're separate. Some type of insurance investment vehicle may make sense when your net worth is over 12 million dollars.
[11:15] Michael discusses insurance requirements in different seasons of life.
[12:10] Life insurance becomes much more prevalent, once there's a family dynamic in play. Long-term disability insurance is always prevalent.
[13:10] Once financial independence is reached, life insurance and long-term disability insurance is no longer needed. This is where long-term care insurance becomes a bigger conversation.
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